₦airaland Forum

koruji: What are you talking about? What arguments did you make?
Who is a nightmare to whom? I care about GEJ only so far as his actions affect our dear country.
GEJ is actually a power-monger, but power is very temporary
And there are no fail-safe systems anywhere in the world.
It calls for humility and not flippant talk from those who are supposed to be leaders.
What distinguishes true leaders is that their instincts, words and actions are beyond pedestrian.
A president cannot be replying pedestrian statements with pedestrian statements.
It is actually an opportunity to get these elders to do what he needs them to really be doing to fight Boko Haram.
I do agree in substance with GEJ's rejection of amnesty - it solves no problems.
But again GEJ cannot make a similar kind of request.
Suppose Borno elders call his bluff, and agree to sign an agreement.
Does GEJ really believe that this would end Boko Haram and would foolishly withdraw the JTF?
And if he withdrew the JT and Boko Haram continues, wfhat is he going to do then?
Arrest all Borno elders?

Like I said learn to bow honourably...no sane analyst will find fault with what the president said in borno except u are a mischief maker...

lorretta u: Pls did they have to expose the fact that they have moles in the boko haram camp?na wa.show off.now their strategy has become known.why not keep that a secret and use it in other camps.amateurs.
But power to una elbows sha.
Una almost fall my hand by exposing this secret.learn to do high risk jobs covertly.no need for unnecessary attention seeking.na james bond movie?

Saying they have moles is a security strategy to create distrust among the boko haram camp..they may or may not be moles..but what this has done is to make the boko boys to start suspecting themselves which might lead to in-fighting and will give the jtf oppurtunity to penetrate further into their ranks ..*my thoughts though*

koruji: A president should make this kinds of statements indoors, when you have serious private talks with these elders.
The Borno elders are of course irresponsible for calling for the withdrawal of JTF forces.
As if Boko Haram told them they will leave Borno alone then.
But as the president you don't make similar irresponsible statements in return.
GEJ is fond of going from calling Boko Haram "our brothers" to this kind of statements.
Neither a sheepish nor a "bring-it-on" approach will work.

Learn to bow out honourably..especially in situations like this ωнεяε u have been beaten with superior argument...u are just attacking the action n statement just because its from your nightmare GEJ

Mr McJay: Entertaining? Boy, you no get taste o!

Really?..but certainly we all don't need to have same taste,if not the world would be one boring place..so MR MAN the guy ENTERTAINS me...

This sincerenigerian Йą sure destoyer The way he hits raw nerves on this forum is really entertaining and breathtaking.am loving this guy .

OAM4J: Typographical error. It has been corrected.

Ok..thanks..but that typographical error was way too much..abeg mk e no happen again

gbame: I thought it was 5000MW too until I opened the thread. OP please correct your post before you mislead others who may not bother to open the thread,

Look at my initial post https://www.nairaland.com/1218121/500mw-omotosho-
power-plant-completed#14650199
I don't know the MoD responsible ƒσя this..maybe they want to intentionaly derail this thread since it has sometin to do with GEJ

Please mods why make me look like a liar by twisting the topic I captioned ƒσя the omotosho power plant thread?...I never said 5000MW but 500MW please correct the mistake swiftly to avoid any more damage...plssssssssss

bright007: Why is the poster/moderator deceiving forumites?
I was attracted to this lugrubidious thread on sighting 5000MW,but on opening the thread it was now 500MW.
Storms outta thread angrily.

NEVER DID I POST 5000MW.I am even surprised how my initial topic ƒσя the thread kept changing...I captioned this thread '500MW OMOTOSHO POWER PLANT COMPLETED'..so please stop trying in vain to denigrate this laudable achievement

Eko Ile: Thanks, as long as we set you ignorant people straight, it's all good. No need to steal other peoples achievements to dash your incompetent uncle.

Your stupi.di.Ty knows no bounds..stop making yourself a laughing stock on this forum.did you even bother τ̅☺ read the post before commenting...if it was yardua's project as you want us to believe,why has it not been put into use ever since and why is GEJ going to be the one to commission it...
But I xpect after this xplanation you will still come back spewing some more trash...*smh*

AK 48: omo see hypocrisy! So sanusi own oil bloc come dey demand 50 % sack of civil servant.

Its not the lamido sanusi you know but this Mallam Sanusi Lamido is believed to be the son or relative of the Emir of Kano and is a major shareholder and Director of Seplat/Platform Petroleum (SAPETRO), which also operates ASUOKPU/UMUTU marginal field.

Eko Ile: Ode, wetin your useless and incompetent drunken fisherman uncle odechukwu get to do with this power plant? He can not even award contract to wipe his own nose?


Credit goes to Yaradua (RIP)

At last you commented but u didn't disappoint...exactly as expected

Mods we go beg una before this post hits the front page

Obiora4life: If it were abandoned, would you have debited it to OBJ as well?

Bros abeg no mind his type..a very good word to describe them are hypocrites...one thing am happy with is that the ugly,fat looking sexy lie that 'there is notin on ground' as refers to GEJ's adminstration is gradually been punctured as events of the past months Ave shown..GEJ thumbs up..but more needs to be done

The China Machinery Engineering Corporation (CMEC),
managers of Phase 2, Omotosho Power Plant, Ondo State,
on Thursday said it has completed the 500mw plant.
Mr Liu Zhao-Long, the Managing Director of the company,
who spoke to newsmen in Lagos said that the four turbines
were functioning.
``The project had been completed but the official
commissioning will take place later this month. It will be
commissioned by President Goodluck Jonathan. We have
finished work on Omotosho Phase 2. The four turbines are
contributing 500 Mega Watts to the national grid.''
Zhao-Long his company would be in charge of the facility
for the warranty period of one year, before handing it over
to the Nigerian government.
He commended the effort of the Federal Government
toward ensuring stable electricity supply to Nigerians.
NAN
Source:www.businessdayonline.com/NG/index.php/news/284-breaking-news/52746-cmec-completes-omotosho-500mw-power-plant

CMEC completes Omotosho 500MW power plant

The China Machinery Engineering Corporation (CMEC), managers of Phase 2, Omotosho Power Plant, Ondo State, on Thursday said it has completed the 500mw plant.

Mr Liu Zhao-Long, the Managing Director of the company, who spoke to newsmen in Lagos said that the four turbines were functioning.

``The project had been completed but the official commissioning will take place later this month. It will be commissioned by President Goodluck Jonathan. We have finished work on Omotosho Phase 2. The four turbines are contributing 500 Mega Watts to the national grid.''

Zhao-Long his company would be in charge of the facility for the warranty period of one year, before handing it over to the Nigerian government.

He commended the effort of the Federal Government toward ensuring stable electricity supply to Nigerians.

NAN
Source:www.businessdayonline.com/NG/index.php/news/284-breaking-news/52746-cmec-completes-omotosho-500mw-power-plant

Demdem: The bottom line is let there be a debate. Sanusi has strangely chicken out ( he didn't during subsidy debate ooo). Who is next to chicken out? Frog eye Ngozi ?

Don't allow hate destroy u...cos if U̶̲̥̅̊ countinue this way I doubt if u will ever be associated with success..what do U̶̲̥̅̊ mean by frog eyed ngozi..U̶̲̥̅̊ have never addressed issues on this forum only looking ƒσя who to call names...grow up man

Wen will our REPS stop embarassing themselves..this is how they went about probing NNPC supposed $1.5 billion loan only to discover that it was never a loan but a forward sales agreement.. ƒσя the records ASUU NEVER WENT ON A WARNING STRIKE LAST YEAR DECEMBER instead SSANU DID..also of recent it was SSANU & NASU dat threatened 2 go on strike and gave an ultimatum τ̅☺ that effect...let our lawmakers get their facts right before blowing fire..

israel007: Uselessz ga*y man!

Is that all dat cud come out of ya brain...very very unfortunate

The Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has stressed the need for a thorough governance review of transparency and accountability in the oil sector.

Sanusi said this while presenting a speech at a forum organised by members of the Metropolitan Club in Lagos Tuesday.

Responding to questions on Nigeria’s external reserves, the CBN helmsman who apparently was making reference to a recent feud between the Federal Government and a former vice-president of the World Bank, Mrs. Oby Ezekwesili, said the country never had $67 billion reserves in its history.

He however said: “It is a debate I will like to avoid getting into deliberately because it is a debate where you have the truth on both sides.

“The highest level reserves had been was $62 billion under the late President Umaru Yar-Adua. There is also a certain truth to a basic proposition that if we save money when oil price is high, it is expected that when oil price crashes, we would de-save.

“Look at Germany, United States, United Kingdom, after the crisis, they all had huge deficits. So our deficit resulted from a reduction in reserves.

“Now having said that, no one can deny that between 2010 and 2011 when oil price was going up, we should have saved more than we actually did and we spent more than we ought to. As CBN governor I spent the whole of those two years talking about fiscal leakages.”

He noted that it was right for questions to be asked, especially in a period when payment for fuel subsidy which is paid from the Excess Crude Account (ECA), rose sharply from N300 billion to N2.1 trillion.

Despite the relative price stability recorded by the economy, Sanusi also stressed the need for diversification of the economy, saying that “all it takes is for oil price to go to $40 per barrel for us to go back to where we were.  We need to get the economy to a point where if oil price crashes to $10 per barrel, even if we feel the hurt, we would not cause a distortion.”

Sanusi however acknowledged that the Coordinating Minister for the Economy/Minister of Finance, Dr. Ngozi Okonjo-Iweala, has done a lot to address the fiscal leakages in the economy.

“I must say that there have been tremendous amount of progress made on the fiscal side. We have seen a lot of work being done to shut down some of these leakages and it is that work that is being done by the finance ministry since Ngozi took over that has actually helped in bringing up the reserves and stabilising the exchange rate,” he added.    

Speaking on the financial system, he pointed out that the sector contributes only four per cent of GDP.
He however argued that: “Fixing the financial system doesn’t fix much. How many people are employed in the financial system compared to the number of people employed and the impact you get from the agricultural sector, manufacturing?

“Financial services sector cannot be the engine for growth. I have had this debate over and over again about bank workers being sacked. The banking industry is not set up to create jobs within itself; it is set up to provide capital to people who create jobs. By the time your biggest employers become the banks and the government, you have a problem. The government and the banks are supposed to build the rest of the economy.”
Source:www.thisdaylive.com/articles/sanusi-nigeria-never-had-67bn-foreign-reserves/141349/

Notwithstanding the fact that it had been denied budgetary allocation for the year by the National Assembly, the Securities and Exchange Commission (SEC) has continued to run smoothly, THISDAY has learnt .
Findings revealed that the commission has been meeting  its financial obligations particularly in the area of prompt payment of salaries to staff.

A senior management staff, who did not want to be named, told THISDAY that the staff are not bothered at the moment by the non-approval of a budget for SEC because their salaries have so far been regular.

THISDAY further learnt that the presidency may have given the go-ahead for the commission to utilise the revenue it generates to fund its operations.

Other than statutory allocations, the commission's sources of income are chiefly from commissions/fees from market activities as well as fines imposed on companies or market players  as a result of infractions. 

SEC's Director General, Ms Arunma Oteh last year had a bitter confrontation with lawmakers who had launched an investigation on the commission in the aftermath of the crisis which led to the collapse of the nation's capital market.

The probe had taken a new twist when Oteh alleged that members of the committee had demanded money from the commission to aid the public hearing.

That allegation infuriated the lawmakers who had denied it.
At the end of the probe, the lawmakers, among other things, recommended that Oteh be removed from office for gross misconduct and mismanagement of resources especially during the SEC Project 50 anniversary.

However, the presidency also constituted an independent body to probe the allegations.

The report, however, absolved Oteh of any wrongdoing as alleged.
Notwithstanding, the lawmakers had since been at loggerheads with President Goodluck Jonathan over his delay in heeding their resolution on her removal.

Consequently, the legislators had refused to approve a budget for the commission in the 2013 appropriation as long as she remained in office.
"The commission is in a better position to explain the technicalities of revenue streams; all we know for now is that we are receiving our salary and that is our major concern for now," the source added
Source:www.thisdaylive.com/articles/sec-thrives-despite-budgetary-constraints/141347/

[quote author=jas_o]Nigeria as it is today in the area of state performance there is no governor that has delivered or outsmarts Fashola in terms of deliverables on promises made before electing them into offices.
If you're knowledgeable about problem of centralization and the federal government excessive when it comes to monopolizing infrastructures which is father of all corrupt act by the way its run the affair of the nation you will quickly give Fashola excellent in his brilliant way of running the govt. efficiently.
This is what is absent in PDP govt. it rigidity and adamant to change is the weakness while corruption is pdp strength. Opportunist among them are now inflicted with pdp corruption syndrome while anybody who have this facts and move to make a change is a threat to this political cabals striving to squandered the nation dead.
Nigeria as it is today in the area of state performance there is no governor that has delivered or outsmarts Fashola in terms of deliverables on promises made before electing them into offices.
If you're knowledgeable about problem of centralization and the federal government excessive when it comes to monopolizing infrastructures which is father of all corrupt act by the way its run the affair of the nation you will quickly give Fashola excellent in his brilliant way of running the govt. efficiently.
This is what is absent in PDP govt. it rigidity and adamant to change is the weakness while corruption is pdp strength. Opportunist among them are now inflicted with pdp corruption syndrome while anybody who have this facts and move to make a change is a threat to this political cabals striving to squandered the nation dead.[/quote]Ur write up in no way answered the begging question here...not time ƒσя pointing fingers..of course fashola has done alot of things right..but that doesn't mean when he errs that we should look the other way...though I myt not align fully with the OP but it doesn't dispute the fact that most of the points the OP raised are valid cases of ωнεяε fashola erred...so let's call a spade a spade

ba7man: Don't get me wrong, I'm aware Fashola can be very one-dimensional in his approach to solving issues. Some of his policies have affected me negatively but anytime i get angry, I remind myself how Lagos used to be before he came in. I don't ever want to go back to that Lagos of the past.

I understand how desirous u are 4 development sincerely we all want the same tin but let the reforms have a human face..dats my only submission

ba7man: You want leaders that will beg you, pat your heads, rub your bellys, tickle your balls, bribe you, provide free houses for you when you cant afford to build a shack for yourselves, give you hand-outs, patronize you and look the other way when you break laws etc.....abi??

Since u are in support of draconian approach to solving problems..hope u supported FG when fuel subsidy was removed..I hate how u all see every fashola's move no matter how draconian as a gud move but fault FG when they take similar steps...imagine increasing a univ school fees to a whooping 350k!!!!!...imagine if same was done ƒσя federal univs...sacking about 776 doctors including experienced consultants in one full swoop!!!!..so u are recommending let's say if ASUU goes on one of its numerous strikes dat FG should sack all of them?pls let's call a spade a spade and leave hypocrism

babapupa: https://premiumtimesng.com/dev/wp-content/files/2013/01/police-college-Lagos.jpg


https://www.channelstv.com/home/wp-content/uploads/2013/01/nat_police_college_ikeja_170113.jpg



^^^^^^^^^


Still, nothing for them?

Y feed on lies...notin ƒσя dem....whenit was well reported by the Punch newspaper and other news outlet that actual reconstruction work has started in dat school...pls don't let your hate blind you from seeing what's happening around you

ANALYSTS RATE NIGERIA,DUBAI STOCK MARKETS ABOVE US
By Obinna Chima with agency report

Investors that bought stocks in the United States of America this year, could have done better investing in the Nigerian stock market, analysts have said.


In fact,  the Nigerian Stock Exchange (NSE), has outperformed American equities by a large margin, up more than 20 per cent this year, compared to about six per cent recorded by American bourse.

The analysts, who spoke with CNBC, also listed the stock market in Dubai, Iceland, Vietnam and Abu Dhabi as other markets that have outperformed the US market this year.

The NSE All Share Index closed at 33,183.19 last  Friday, compared to the 28,078.80 basis points it stood at the beginning of the year. Also, the NSE’s total market capitalisation closed at N10.618 trillion on Friday, up  from N8.974.45 trillion.

“Taken together, the countries form an unlikely quintet that leads the global equity markets and poses opportunities for investors wary of all the stomach-churning turmoil closer to home,” the analysts said.

Executive Vice President at BPU Investment Management in Pittsburgh, Nadav Baum, said: “If you don't know something, you tend not to buy it. That's human nature. People know what Coke does. People understand what Heinz is.
“But when you are playing in those international markets, people get concerned about currency risk, they get concerned about liquidity, and they really don't understand the companies out there."

Also, Managing Director, Asian Currency Trading at Nomura, Stuart Oakley  and Chief Investment Strategist at Citi Private Bank, John Woods, predicted further market appreciation.

However, they  noted that one of the keys to investing is understanding where you are putting your money, adding that transparency isn't exactly the hallmark of many foreign exchanges.

“That's why exchange-traded funds can provide good access points for investors looking to get broad-based exposure to foreign markets without having to worry if, say, the market in Bulgaria (up 12 percent this year) or the Philippines (plus 15 percent) should blow up,” the CNBC report added.

The world's worst-performing market is Brazil, down about 7.5 per cent.
Overall, emerging and frontier markets are getting plenty of attention from strategists. While equity flows have turned positive in 2013, far more money has gone to global markets than the US. January saw global outpace domestic narrowly, but in February the gap has grown. Global equity mutual funds have taken in nearly $14 billion so far while US funds have seen just $2.5 billion, according to the Investment Company Institute.

The US market is actually just about middle of the road when compared to others across the globe. It ranks 29th of 77 global exchanges and third among G-7 countries, behind Japan and Britain, which have seen big pops in their stock markets as their respective currencies have tumbled in value, according to Bespoke Investment Group.
Source:www.thisdaylive.com/articles/analysts-rate-nigeria-dubai-stock-markets-above-us/141133/

Kamanda: Hmmm,something tells me this light matter may just end like GSM case oh.

Chai! But na wetin we go come take they yab Jona now?. Ok,well...corruption go still deh sha.

U got me cracking here...no worry u go soon stop the yab Jona...sincerenigerian will gladly welcome U̶̲̥̅̊..and I believe a laptop is already waiting ƒσя U̶̲̥̅̊...
But about ending like GSM I don't see dat happenin here..alot of structures have been put in place here that will be very hard to reverse..like the BULK TRADER,MANITOBA CONTRACT,NERC just τ̅☺ mention a few..
And lastly my post made front page after a long long while...I can only give tanks to Oluwa..and also GEJ..pls GEJ more of this kinda news so that I can keep making front page

“Contrary to ACN’s claim, that the cost of producing a barrel of oil had skyrocketed in 2012 from $4 in 2002, with the actual cost of production standing at approximately $17 per barrel, the cost of oil production never rose as high as the opposition claims.

“Even at the height of restiveness in the Niger Delta area and its consequential effect on the upstream oil sector, the per barrel cost of oil production in Nigeria never rose above $18 per barrel.

“When compared with a sum of between $50 and $70 per barrel spent on production of shale oil by the United States of America, the cost of producing oil in Nigeria, which is $17 dollars per barrel as well as a prevailing selling price of over $100 per barrel, does not support the alarming claim of the opposition.”
Read full article below :



Minister of Finance, Dr. Ngozi Okonjo-Iweala

•Ministry confirms loss of revenue  

•Clarifies discrepancies in ECA account balances with CBN 

•N’Assembly awaits amendment bill for 2013 budget

Chuks Okocha, Ndubuisi Francis and Onwuka Nzeshi

In an apparent reaction to the statement by the opposition Action Congress of Nigeria (ACN) that the Nigerian economy is in the doldrums, the presidency and Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, Wednesday declared that in spite of the various challenges, the Nigerian economy remained strong.
They, however, confirmed that there has been an increased loss of revenues due to an upsurge in the incidence of illegal crude oil bunkering and oil theft.

The clarification on the status of the economy coincided with the revelation by the Speaker of the House of Representatives, Hon. Aminu Tambuwal, that the National Assembly will soon be in receipt of the 2013 Budget Amendment Bill that will address the grey areas in the budget assented to by President Goodluck Jonathan on Tuesday.

A statement issued by the finance minister’s Special Adviser, Media, Mr. Paul Nwbuikwu, also clarified the discrepancies in the account balances in the Excess Crude Account (ECA) reported by the ministry and the Central Bank of Nigeria (CBN).

According to the statement, specific issues have been raised in recent times on the health and prospects of the Nigerian economy, the composition of the external reserves, and purported discrepancies in account balances reported by the Ministry of Finance and the Central Bank of Nigeria (CBN) on the ECA.

“First, the Nigerian economy is strong.  Our economic performance is robust when viewed against a whole range of objective factors.
“Inflation is now down to single-digit at 9.0 per cent in January 2013, compared with 12.6 per cent in January 2012. The exchange rate has been relatively stable, and the fiscal deficit at just under 2 per cent of GDP is on a downward trajectory, and below our threshold of 3 per cent of GDP.

“Our national debt is at a sustainable level at about 19.4 per cent of GDP. Overall, GDP growth for 2012 was 6.5 per cent, and projected at 6.75 per cent for 2013, compared with the projected global growth of 3.5 per cent.

“The above facts have been independently noted and validated by international ratings agencies such as Fitch, Standard & Poor's and Moody's which have upgraded the country's economic outlook, even as other countries are being downgraded.
“In addition, Nigeria's bonds have recently been included in the Barclays and JP Morgan Emerging Market indexes,” the minister said.

She, however, acknowledged the socio-economic challenges the country faces, adding: “We know we still have a long way to go but let us keep working to correct what is wrong and stop focusing on the denigration of what is being done right.
“In this regard, we need to create more jobs for our youths to curb unemployment. Poverty needs to decrease at a faster pace, as we do not want excessive inequality to be a feature of our economic growth.

“For example, the recent poverty statistics released by National Bureau of Statistics showed a slight decline in poverty levels of about 2 per cent between 2003 and 2010. This needs to be further accelerated.”

The finance minister also identified the cost of governance, which also needs to be reduced, stating that the government is taking steps in this direction.

“We have reduced the share of recurrent expenditure in the budget from 74 per cent in 2011 to 71 per cent in 2012, and to 68 per cent in 2013. We aim to push for a 60-per-cent recurrent and 40 per cent capital budget ratio in the medium term,” the statement added.

The minister pointed out that as part of the Transformation Agenda, the president had emphasised the diversification of the economy to promote inclusive growth and create jobs, adding that this was being achieved through investment in agriculture, housing and construction, manufacturing, aviation, power, roads, rail, solid minerals and the information and communication technology (ICT) sectors by both government and the private sector.

These sectors, she added, are gradually transforming the economy, and creating jobs in the process, noting that the economy is moving in the right direction.

On the nation’s reported level of external reserves, the minister said it comprises three parts—the CBN's external reserves, the ECA, and the Federal Government's funds belonging to agencies such as the Nigerian National Petroleum Corporation (NNPC) for joint venture cash calls and so on.

This, she said, is simply a matter of definition, and follows international best practices and reporting guidelines and is thus unnecessary to continue to dwell further on this issue.

“There have also been claims of inconsistency of account balances provided by the Ministry of Finance and the CBN. It is worth noting that the Ministry of Finance typically reports its balances following Federation Accounts Allocation Committee (FAAC) meetings, which often take place at the middle of the month, whereas CBN data are reported at the end of each month.

“There is thus a time lag between the reports from the two institutions. As a result, there are usually some differences due to 'transit items' which are yet to be reconciled in both accounts.

“In addition, for quite a while, the CBN excess crude reports have included the $1 billion allocated to the Sovereign Wealth Fund as this is still domiciled with the CBN, whereas the Ministry of Finance does not regard it as part of the distributable ECA.
“There have also been issues raised regarding the rate of growth of the foreign reserves and the ECA.

“It is worth recalling that the ECA was established partly to provide a cushion for the Nigerian economy in times of a global downturn.

“In this regard, all three tiers of government, relied on savings in the ECA to plug the shortfall in their revenues following the collapse of oil prices in 2008.

“Moreover, there have been withdrawals from the ECA to pay for petroleum subsidy claims, which increased sharply in recent years from N291 billion in 2007 to about N2,188 billion in 2011.

“Finally, there has been the increased loss of oil revenues due to an upsurge in the incidence of illegal crude oil bunkering and oil theft,” she explained.
Okonjo-Iweala stressed that the outlook for the Nigerian economy remained good, despite the current global economic uncertainty.

“We accept that government should be accountable to its citizens, and transparent to its people in terms of information, particularly regarding public finances.

“In this regard, we have made efforts to publish revenues allocated to all tiers of government, we have published the Federal Government's budgets down to the last details, and we have published the subsidy reinvestments (SURE-P) payments to all tiers of government.

“We have also published subsidy payments to oil marketers and further published the names of companies that defrauded the government in the oil subsidy regime.

“We will continue to make every effort to respond to demands for greater transparency because we believe this lies at the heart of good governance,” she said.

On its part, the presidency stated that the Nigerian economy was not in danger of collapse as all globally financial recognised indices showed that the economy is stable and on an upward swing.

A statement signed by the Senior Special Assistant to the President, Public Affairs, Dr. Doyin Okupe, described the claim by ACN as lacking in substance and was contrary to the verdict of reputable international ratings agencies which have consistently upgraded the country's economy in the last one-and-a-half years.

According to Okupe, “Contrary to ACN’s claim, that the cost of producing a barrel of oil had skyrocketed in 2012 from $4 in 2002, with the actual cost of production standing at approximately $17 per barrel, the cost of oil production never rose as high as the opposition claims.

“Even at the height of restiveness in the Niger Delta area and its consequential effect on the upstream oil sector, the per barrel cost of oil production in Nigeria never rose above $18 per barrel.

“When compared with a sum of between $50 and $70 per barrel spent on production of shale oil by the United States of America, the cost of producing oil in Nigeria, which is $17 dollars per barrel as well as a prevailing selling price of over $100 per barrel, does not support the alarming claim of the opposition.”

Okupe accused ACN of basing its facts on wrong assertions with deceptive undertones, adding, “For a fact, there are incidents of crude oil theft which have existed for several decades before this administration came on board.

“However, the truth is that this is currently being tackled through proactive steps by the government. The opposition is most probably aware of the fact that the president recently secured the cooperation of the Prime Minister of the United Kingdom and French president on measures to prevent refineries in Europe from buying crude oil stolen from Nigeria.

“Similarly, the Jonathan administration has provided more and better surveillance boats to the Nigerian Navy to enhance patrol of our coastal waters.
“This has resulted in the arrest of several vessels engaged in oil theft and these were well reported in the Nigerian print and electronic media.”

The president’s aide drew the attention of the ACN to the Petroleum Industry Bill (PIB) currently before the National Assembly which was conceived to provide for best practices for acreage availability, bidding and awards and therefore would address the problem of dwindling oil and gas exploration opportunities and corruption, among other problems in the sector.

While assuring Nigerians that the Federal Government remained committed to implementing sound economic policies and development of the nation’s infrastructure, Okupe urged politicians to exhibit statesmanship in addressing issues of a critical nature rather than seeking to score cheap points.

In a related development, the end of the row over the 2013 budget might be in sight, as Jonathan is expected to send an amendment bill to the National Assembly on the 2013 Appropriation Act very soon.

The new bill will address the grey areas in the budget, which the president assented to on Tuesday.

Tambuwal disclosed that the amendment bill would be sent soon at yesterday’s plenary of the House of Representatives while formally informing the lawmakers that the president had signed the budget.

Tambuwal explained that in the course of the extensive engagements between the legislature and the executive on the budget, it was agreed that an amendment bill should be sent to the National Assembly to address some of the issues responsible for the delay in signing the budget.

“In the process of going back and forth, some observations were made by the executive on the 2013 Appropriation Bill.

“We are therefore expecting an Appropriation Amendment Bill. I am sure that when it comes, we will attend to it on time and return it to them too,” Tambuwal said.
Also yesterday, Special Adviser to the President on National Assembly Matters, Senator Joy Emodi, commended the president and the National Assembly for the signing of the 2013 budget into law.

Emodi said that the signing of the budget on Tuesday had not only put paid to the alleged budget row between the two arms of government, but further crystallised the virtue and benefit of teamwork and dialogue between the two arms of government.
Emodi urged the leadership of the National Assembly to provide all the necessary legislative support for the implementation of the budget to ensure that it translated to a better life for the nigerian people
Source:www.thisdaylive.com/articles/presidency-finance-ministry-insist-economy-is-strong/140796/

Kamanda: Hmmmm,I thought Dr Effeanyi, AKA Insincere9gerian was the 40L man incharge of Electricity Affairs.
Ok,weldone OP.It is well.

Lol...oga kamanda Mr Ifeanyi just recruited some of us to help I̶̲̥̅̊n̶̲̥̅ his "good works"...its not 2 late ƒσя U̶̲̥̅̊ to join "us"
On a more serious note this is the kind of news nigerians want τ̅☺ wake up and hear every morning..kudos τ̅☺ GEJ and team..more power τ̅☺ their elbow..

The Transmission Company of Nigeria has inaugurated the second 330KV transmission line from Benin in Edo State, to Onitsha in Anambra State.

According to the company, the transmission line has been successfully energised from the Onitsha end with an initial load of 131Megawatts.

“By this commissioning, the Benin and Onitsha transmission sub-stations have been linked with a double circuit transmission line for the first time,” TCN said in a statement made available to our correspondent in Abuja.

The Chief Executive Officer, TCN, Mr. Olusola Akinniranye, said the feat of meeting the international N minus 1 (N-1) criteria meant that apart from the ability to wheel more power, the grid system would remain stable in the event of loss of one of the lines.

This, he said, would further enhance the nation’s grid stability and wheeling capacity.

Akinniranye said the nation’s transmission grid would be more robust and stable after the completion of the Alaoji-Owerri-Onitsha, Alaoji-Ikot Ekpene-Ugwaji-New Haven, Ugwaji-Aliade-Makurdi-Jos, and Osogbo-Benin 330kV transmission lines.

“The 330kV transmission line from the sub-station to the Calabar power plant is now alive on potential. The power plant will now have available power to run the pre-commissioning tests. One of the 2x75MX reactors was also commissioned,” he said.

The CEO expressed gratitude to the government and residents of states in the eastern region for their understanding and support as they had to cope with power outages during critical stages of the construction of the second 330kV transmission line from Benin to Onitsha.


Source:www.punchng.com/business/energy/tcn-inaugurates-330kv-onitsha-benin-transmission-line/